Singing Pig

Was wondering if we could get an update from the members who have been using Paul's loan concept?

I know Craig recently celebrated a year trading but there were 3 or 4 others who were at various stages and seemed to be making a success of it.

 
For my part I have been to visit Paul to get a feel for the business and will pull together most of my funding over the next few weeks. I dont intend to start issuing loans until the new year but am conscious of getting the CCL and other bits ready to go well before I intend to start trading. I wish I could start tomorrow but my current job and a long holiday at christmas wouldn't do me any favours as I try to get it started.

 

For my part I'll have to add that you should never let your eye off the ball for a second.

My collection ratios have dropped of late, so I'm putting in extra hours to compensate. Yes that includes mornings, so for the next few weeks at least, this changes from a part time business to a full time one.

I guess the message is...even though the business is supposed to be a part time one, be prepared to put the hours in to make it work.

Craig

Why do think that is Craig? Is it a product of the people you have been lending to?

 Can I ask what your approximately weekly collection is at the moment? I think you started with a similar sum that I intend to.
 

Nope, it's completely down to me. It's just a matter of making an extra effort on my part to get contact with non/partial payers.

Although I'm a little uncomfortable giving out figures now on a public forum...PM me.

I'm surprised nobody else has answered. It would be good to see how others are doing. Although the business is relatively simple to run, I'm still learning.

 

I think your spot on Craig, you are willing to put the extra effort in when it's needed.

 

Good to see you yesterday as always Craig

Hi All

 

I’m looking to start the cash loan business ASAP. I’ve bought Paul’s manual, applied for a license, and am continuing to learn more in the meantime. I must say that the threads on SP has taught me so much about the business and really has inspired me.

 

Playerone,

Currently there is a 12 week or more delay in getting a CCL due to the trouble the OFT is having with a new IT system so my advice is apply as soon as you can.

 

Craig,

How wide is your collection area? How many customers have you got and how long does it take you to collect (before you started with morning collections)?   I’ve got several areas to choose from and must make the right decision from the start because once I’ve started I won’t be able to change areas easily if I have made a mistake.

 

I would also like some to hear some of the experiences and updates from the other players as well.

I have heard about the delays. There is now another "£150 CCJ Levy" as well to include. Great.

Another thing to note is that the application form is different from the way it has been described on here some months back. It seems to be a revised edition. No letter z category etc.